SCOTTSDALE, AZ, March 31 /PRNewswire/ - As an update, Hondo Minerals Corporation (OTC :BB : HMNCD), is pleased to announce that the completion of the Tennessee Mine Processing Plant near Chloride, Arizona is on target as scheduled.
Hondo Minerals Corporation began site preparation and initial construction for the Tennessee Processing Plant during the fall of 2010. During late Spring 2011, Hondo Minerals Corporation anticipates commencing the initial processing and testing of the metals recover facility at the Tennessee Mine. The Tennessee Mine plant will recover gold, silver, zinc, and other metals.
It is estimated that the daily processing capabilities will commence at 10-20 tons per day and ramp up to 50 tons per day during late 2011, and the plant is scheduled to increase processing to 200 tons daily in 2012, 300 tons daily in 2013.
Independent testing carried out by a mining metallurgical specialist, Thomas Burke, PHD., has shown that processing the tailings and dump material can recover 1oz.to 3 oz. gold and about 30oz. of silver per ton utilizing Hondo Minerals' exclusive technology. As measured and estimated by a registered surveyor, the Tennessee and Schuylkill tailings and dumps contain approximately a million tons of mineral-rich material available for processing.
William R. Miertschin, Chairman and CEO of Hondo Minerals says, "The excitement continues to build for us at Hondo as we begin to see our dreams and goals become reality. As our main building nears completion, and we begin installing the processing equipment, our anticipation increases to start the actual leeching and begin to recover metals."
About The Company
Hondo Minerals Corporation is engaged in the acquisition of mines, mining claims and mining real estate in the United States, Canada and Mexico with mineral reserves of precious metals or non-ferrous metals.
Hondo owns the Tennessee and Schuylkill Mines in Chloride, Arizona. The Tennessee Mine was the largest producing silver mine in Arizona history. The Tennessee Mine operated from the late 1800's until 1947 producing lead, zinc, gold and silver. The Company also owns numerous other mining claims in the US Southwest, which are being evaluated for additional reserves.
This press release contains forward-looking statements that involve risks and uncertainties, including the Company's beliefs about its business prospects and future results of operations. Some factors that could cause actual results to differ materially include economic and operational risks, changes in anticipated earnings, continuation of current contracts, and other factors detailed in the Company's filings with the Securities and Exchange Commission, including its most recent Forms 10-KSB and 10-QSB. The Company forecasts provided above are dynamic and therefore refer only to this release date. The Company does not undertake to update any forecasts that it may make available to the investing public.
SOURCE Hondo Minerals Corporation